International Petroleum Corporation (“IPC” or the “Corporation”) (TSX, Nasdaq Stockholm: IPCO) announces that it has successfully completed a private placement of USD 300 million of senior unsecured bonds. The bonds will have a tenor of five years and will have a fixed coupon rate of 7.25 percent per annum, with interest payable in semi-annual instalments. The bond issue is expected to be rated B+ by S&P Global Ratings and B1 by Moody’s.
Settlement of the bonds is expected to occur on or around February 1, 2022, subject to the satisfaction of customary conditions precedent. IPC intends to make an application to list the bonds on the Oslo Stock Exchange. Net proceeds of the bonds will be used to repay IPC’s existing indebtedness under bank credit facilities and for general corporate purposes.
Arctic Securities and Pareto Securities acted as Joint Lead Managers, and SpareBank 1 Markets acted as Co-Manager, in connection with the bond placement.
Mike Nicholson, Chief Executive Officer of IPC comments: “We are very pleased to be launching IPC’s first USD 300 million bond issue today, accessing the debt capital markets at a favourable time. We strongly believe that the winners in the next phase of the energy transition in the upstream oil and gas industry will be those companies that are able to access diverse sources of funding. Whilst we do not have an imminent acquisition, we believe that being able to demonstrate to sellers that IPC has the financial strength on its balance sheet, will enable IPC to access a greater universe of opportunities whilst differentiating us from our peers in terms of certainty of being able to close transactions.”
International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.
For further information, please contact:
VP Corporate Planning and Investor Relations
Tel: +41 22 595 10 50
Tel: +46 701 11 26 15
This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons set out above, at 07:30 CET on January 20, 2022.